Subsea wellheads and Christmas trees are commonly utilized in deepwater oil and gas development. However, the special structure of subsea wellheads makes it difficult to monitor casing–casing annular pressure buildup, which in turn poses a greater risk to the integrity of the wellbore. In order to analyze the effect of changes in the casing-free section and the sealed section on the variation in annulus volume, a new annular pressure buildup model of casing-cement sheath-formation deformation was established and verified according to the elastic deformation theory. Furthermore, the influence of casing deformation on annulus pressure buildup was analyzed. Results indicate that the error of annulus pressure buildup predicted by the multi-string mechanical model proposed in this paper that considers the deformation of the casing sealing section is approximately 13% lower than the one that does not consider this factor. This paper provides guidance for the design of casing strings in deepwater oil and gas wells, ensuring safe production.